| Ciba Specialty Chemicals India, the Indian subsidiary of Ciba Specialty Chemicals Holding Inc, Switzerland, has sold its textile business to Huntsman Advanced Materials (India), a subsidiary of Huntsman Corporation, US. The decision is part of a global restructuring initiated by the parent company.
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| The company has informed the Bombay Stock Exchange that its board has approved the proposal to sell the textile business as a going concern to Huntsman Advanced Materials (India), for Rs 122.5 crore.
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| As part of the global business arrangement, Ciba’s another 100 percent subsidiary — Diamond Dye-Chem has also approved the proposal to sell its textile related business to Huntsman Advanced Materials (India) for a Rs 43 crore.
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| Recently, the Swiss chemicals giant had sold its textile chemicals business to Huntsman Corporation, US. The global deal, however, had put a question mark over its implications for Ciba’s Indian subsidiary, Ciba Speciality Chemicals (India).
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| The Indian company contributed close to one-third of its revenues and the global sell-off of the division was supposed to have a significant impact on its revenues and profit.
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| Textile business contributes about 30 per cent of the sales turnover of the company. This segment comprises textile chemicals and dyes registered sales of Rs 184.5 crore last financial year.
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| The industry analysts are of the view that since the Indian textile chemical business of the company is also sold to Huntsman, it could have a major impact on the topline as well as the bottomline of Ciba Specialty Chemicals India.
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| Ciba Specialty Chemicals is a leading global company creating effects that improve the quality of life – adding performance, protection, colour and strength to textiles, plastics, paper, automobiles, buildings, home and personal care products and much more. |
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